Cobra's Market View

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For now, the rebound looks like a bear flag so bias is down but this can change, bear flag is not reliable.

ES daily.

Pullback to the trendline, just above the EMA 20.

Not good for the bulls.

Twice failing to break out.

But they do not give up easily, or at all.

ES 60 minutes.

Down since Thursday.

Riding the trendline, up a bit.

Squeezed from above by the EMA 20.

Needs a breakout.

ES 5 minutes.

Up into higher range/box.

One failed attempt to break out.

Then a bounce up off the trendline, without dropping to the bottom of the range.

The bulls are hoping for a good day. We will see.

Stick to what works if you have the system that works

It's a morning hourly filled black bar

weak internals follow by weak momentum. No new LL the bulls are still in a fighting mode.

Enjoy long weekend from it is what it is department. Peace!

Likely it's an uptrend day. If you need more confirmation then if no sharp pullback in the next couple of bars then it's an uptrend day.

Here we go with the dip buyers pushing us back into familar territory.

From my X feed. Most of the wave counters do have the spike as a five. We will see next week if it holds.

Revisiting the day high, usually I don't expect a double top but today, I don't know, wait and see.

Bulls clearly hitting a wall for now. If the market doesn't move soon then I think it won't. You know everybody who had to come in this morning is planning on going home at lunch time for a three and a half day weekend.

Just as I suspected, it's a double top breakdown although happened much later than I thought. Typically most double top breakdown would be false though, let's see what about this time.

Well, guess that's it for today. Here's what Tuesday looks like: https://stockcharts.com/public/1684859/ ... /533449374

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449374